CityofAventura
StatementofNetPosition September30,2021
Governmental BusinessͲType
Activities Activities Total
Assets:
Cash,cashequivalentsandinvestments $ 64,874,381 $ 445,283 $ 65,319,664 Receivables,netofallowanceforuncollectibles 1,796,193 Ͳ 1,796,193 Duefromothergovernments 1,623,097 227,659 1,850,756 Prepaidsandotherassets 768,184 Ͳ 768,184
Inventories 23,144 Ͳ 23,144
Capitalassets:
Nondepreciable 26,034,213 359,794 26,394,007
Depreciable,netofaccumulateddepreciation 74,054,368 9,351,205 83,405,573
Totalassets 169,173,580 10,383,941 179,557,521
Deferredoutflowsofresources:
Deferredoutflowsrelatingtopensions 4,948,696 Ͳ 4,948,696 Deferredoutflowsrelatingtootherpost
employmentbenefits(OPEB) 1,530,498 Ͳ 1,530,498 Deferredchargeonrefunding 255,098 Ͳ 255,098
Totaldeferredoutflowsofresources 6,734,292 Ͳ 6,734,292
Liabilities:
Accountspayable 2,179,836 49,081 2,228,917
Accruedliabilities 4,316,741 Ͳ 4,316,741
Duetoothergovernments 23,376 Ͳ 23,376
Unearnedrevenues 9,995,354 Ͳ 9,995,354
Accruedinterestpayable 56,730 Ͳ 56,730
Internalbalances 127,051 Ͳ 127,051
Duewithinoneyear:
Compensatedabsencespayable 1,436,972 Ͳ 1,436,972
Bondspayable 1,845,000 Ͳ 1,845,000
Dueinmorethanoneyear:
Compensatedabsencespayable 2,668,662 Ͳ 2,668,662
Bondspayable 16,880,000 Ͳ 16,880,000
Netpensionliability 8,894,988 Ͳ 8,894,988
Otherpostemploymentbenefits(OPEB)liability 2,137,378 Ͳ 2,137,378
Totalliabilities 50,562,088 49,081 50,611,169
Deferredinflowsofresources:
Deferredinflowsrelatingtopensions 1,988,336 Ͳ 1,988,336 Deferredinflowsrelatingtootherpost
employmentbenefits(OPEB) 651,157 Ͳ 651,157 Totaldeferredinflowsofresources 2,639,493 Ͳ 2,639,493 Netposition:
Netinvestmentincapitalassets 81,618,679 9,710,999 91,329,678 Restrictedfor:
Publicworks/transportation 6,065,586 Ͳ 6,065,586
Publicsafety/lawenforcement 855,758 Ͳ 855,758
Capitalprojects 792,900 Ͳ 792,900
Debtservice 297,898 Ͳ 297,898
Unrestricted 33,075,470 623,861 33,699,331
Totalnetposition $ 122,706,291 $ 10,334,860 $ 133,041,151
Theaccompanyingnotestothefinancialstatementsareanintegralpartofthesestatements. 15
CityofAventura,Florida StatementofActivities FortheYearEndedSeptember30,2021 OperatingCapital ChargesforGrantsandGrantsandGovernmentalBusinessͲType Functions/Programs:ExpensesServicesContributionsContributionsActivitiesActivitiesTotal PrimaryGovernment: Governmentalactivities: Generalgovernment$6,530,759$Ͳ$379,014$Ͳ$(6,151,745)$Ͳ$(6,151,745) Publicsafety26,134,9347,257,567178,020Ͳ(18,699,347)Ͳ(18,699,347) Communityservices21,581,5511,187,00512,551,4421,623,343(6,219,761)Ͳ(6,219,761) Publicworks5,490,91650,45112,676Ͳ(5,427,789)Ͳ(5,427,789) Interestandfiscalcharges705,175ͲͲͲ(705,175)Ͳ(705,175) Totalgovernmentalactivities60,443,3358,495,02313,121,1521,623,343(37,203,817)Ͳ(37,203,817) BusinessͲtypeactivities: Stormwaterutility1,071,3241,376,473ͲͲͲ305,149305,149 Totalprimarygovernment$61,514,659$9,871,496$13,121,152$1,623,343(37,203,817)305,149(36,898,668) Generalrevenue: Advaloremtaxes17,346,855Ͳ17,346,855 Utilityserviceandotherlocallyleviedtaxes9,604,135Ͳ9,604,135 Franchisefees4,381,329Ͳ4,381,329 Intergovernmental,unrestricted6,364,811Ͳ6,364,811 Investmentincome75,74970976,458 Miscellaneous299,850(83,813)216,037 Totalgeneralrevenues38,072,729(83,104)37,989,625 Changeinnetposition868,912222,0451,090,957 Netposition,beginning,asrestated121,837,37910,112,815131,950,194 Netposition,ending$122,706,291$10,334,860$133,041,151 *CharterSchoolsarepresentedfortheyearendedJune30,2021.
ChangeinNetPositionNetRevenue(Expense)and ProgramRevenues
CityofAventura,Florida
BalanceSheetͲGovernmentalFunds September30,2021
Aventura Transportation Aventura
Cityof DonSoffer and CharterHigh
Excellence Aventura Street School Nonmajor Total
General School HighSchool Maintenance Construction Governmental Governmental
Fund Fund* Fund* Fund Fund Funds Funds
Assets:
Cashandcashequivalents
andinvestments $ 54,924,559 $ 1,487,177 $ 91,739 $ 6,019,004 $ 18,523 $ 2,333,379 $ 64,874,381 Accountsreceivable,net 1,796,140 Ͳ 53 Ͳ Ͳ Ͳ 1,796,193 Duefromotherfunds 2,149,450 Ͳ Ͳ Ͳ Ͳ Ͳ 2,149,450 Duefromothergovernments 752,589 647,609 Ͳ 180,207 Ͳ 42,692 1,623,097 Inventories 23,144 Ͳ Ͳ Ͳ Ͳ Ͳ 23,144 Prepaiditemsandotherassets 673,728 9,466 13,553 Ͳ Ͳ Ͳ 696,747 Totalassets $ 60,319,610 $ 2,144,252 $ 105,345 $ 6,199,211 $ 18,523 $ 2,376,071 $ 71,163,012 Liabilities:
Accountspayable $ 1,369,784 $ 640,481 $ 28,027 $ 133,625 $ Ͳ $ 7,919 $ 2,179,836 Accruedliabilities 3,351,612 540,681 279,225 Ͳ Ͳ 145,223 4,316,741 Duetootherfunds Ͳ Ͳ 1,776,501 Ͳ 500,000 Ͳ 2,276,501 Duetoothergovernments 23,376 Ͳ Ͳ Ͳ Ͳ Ͳ 23,376 Unearnedrevenues 9,995,354 Ͳ Ͳ Ͳ Ͳ Ͳ 9,995,354
Totalliabilities 14,740,126 1,181,162 2,083,753 133,625 500,000 153,142 18,791,808
Deferredinflowsofresources:
Unavailablerevenues 113,095 572,752 Ͳ Ͳ Ͳ Ͳ 685,847
Totaldeferredinflowsofresources 113,095 572,752 Ͳ Ͳ Ͳ Ͳ 685,847 Fundbalances:
Nonspendable:
Inventories 23,144 Ͳ Ͳ Ͳ Ͳ Ͳ 23,144
Prepaiditemsandotherassets 673,728 9,466 13,553 Ͳ Ͳ Ͳ 696,747 Restrictedfor:
Unassigned 24,156,021 Ͳ (1,991,961) Ͳ (481,477) Ͳ 21,682,583
Totalfundbalances(deficit) 45,466,389 390,338 (1,978,408) 6,065,586 (481,477) 2,222,929 51,685,357 Totalliabilities,deferred
inflowsofresources,and
fundbalances(deficit) $ 60,319,610 $ 2,144,252 $ 105,345 $ 6,199,211 $ 18,523 $ 2,376,071 $ 71,163,012
* AsofJune30,2021.
MajorFunds
Theaccompanyingnotestofinancialstatementsareanintegralpartofthesestatements.
17
Amountsreportedforgovernmentalactivitiesinthestatement
ofnetpositionaredifferentasaresultof:
TotalfundbalancesͲgovernmentalfunds $ 51,685,357
Capitalassetsusedingovernmentalactivitiesarenot
financialresourcesand,therefore,arenotreportedin
thegovernmentalfunds:
Governmentalcapitalassets $ 178,435,140
Lessaccumulateddepreciation (78,346,559) 100,088,581
Certainrevenuesareconsidereddeferredinflowsofresources
inthefundfinancialstatementsduetoavailabilityoffunds;
underfullaccrualaccountingtheyareconsideredrevenues. 685,847 LongͲtermliabilitiesarenotdueandpayableinthecurrent
period,andtherefore,arenotreportedinthegovernmental
funds:
Bondspayable $ (18,725,000)
Otherpostemploymentbenefits(OPEB)liability (2,137,378)
Netpensionliability (8,894,988)
Compensatedabsences (4,105,634)
Accruedinterestpayable (56,730)
Deferredchargeonrefunding 255,098 (33,664,632)
Certainfundsrelatedtopensionandotherpostemployment
benefits(OPEB)liabilities;arenotreportedinthegovernmental
funds:
Prepaidpensioncontributions $ 71,437
Deferredoutflowsrelatingtopensions 4,948,696 Deferredinflowsrelatingtopensions (1,988,336) Deferredoutflowsrelatingtootherpostemployment
benefits(OPEB) 1,530,498
Deferredinflowsrelatingtootherpostemployment
benefits(OPEB) (651,157) 3,911,138
Netpositionofgovernmentalactivities $ 122,706,291
CityofAventura,Florida
ReconciliationoftheBalanceSheetofGovernmentalFunds totheStatementofNetPosition
September30,2021
Aventura Transportation Aventura
Cityof DonSoffer and CharterHigh
Excellence Aventura Street School Nonmajor Total
General School HighSchool Maintenance Construction Governmental Governmental
Fund Fund* Fund* Fund Fund Funds Funds
Revenues: Intergovernmentalrevenues 4,591,308 8,757,569 4,023,241 2,293,405 750,000 101,482 20,517,005 Chargesforservices 3,229,094 169,618 37,562 50,451 Ͳ Ͳ 3,486,725 Finesandforfeitures 2,029,183 Ͳ Ͳ Ͳ Ͳ 106,169 2,135,352 Investmentincome 48,634 6,435 40 9,134 8,680 2,826 75,749 Miscellaneous 33,454 253,183 33,214 Ͳ Ͳ 19,549 339,400
Totalrevenues 44,228,874 9,186,805 4,094,057 2,352,990 758,680 230,026 60,851,432
Expenditures:
Current:
Generalgovernment 5,658,476 Ͳ Ͳ Ͳ Ͳ 5,788 5,664,264 Publicsafety 24,727,699 Ͳ Ͳ Ͳ Ͳ 100,827 24,828,526 Communityservices 3,360,958 9,599,627 4,336,471 Ͳ Ͳ Ͳ 17,297,056 Publicworks 3,388,995 Ͳ Ͳ 1,841,749 Ͳ Ͳ 5,230,744
Capitaloutlay 959,631 412,193 566,737 547,315 260,130 189,513 2,935,519
Debtservice:
Principal Ͳ Ͳ Ͳ Ͳ Ͳ 1,785,000 1,785,000 Interest Ͳ Ͳ Ͳ Ͳ Ͳ 670,435 670,435
Totalexpenditures 38,095,759 10,011,820 4,903,208 2,389,064 260,130 2,751,563 58,411,544
Excess(deficiency)of
revenuesoverexpenditures 6,133,115 (825,015) (809,151) (36,074) 498,550 (2,521,537) 2,439,888
Otherfinancingsources(uses):
balances 3,832,901 (1,169,015) (659,151) (36,074) 498,550 (27,323) 2,439,888 Fundbalances(deficit),beginning
ofyear,asrestated 41,633,488 1,559,353 (1,319,257) 6,101,660 (980,027) 2,250,252 49,245,469
Fundbalances(deficit),endofyear $ 45,466,389 $ 390,338 $ (1,978,408) $ 6,065,586 $ (481,477) $ 2,222,929 $ 51,685,357
* FortheyearendedJune30,2021.
Theaccompanyingnotestofinancialstatementsareanintegralpartofthesestatements.
19
Amountsreportedforgovernmentalactivitiesinthestatement
ofactivitiesaredifferentbecause:
NetchangeinfundbalancesͲtotalgovernmentalfunds $ 2,439,888
Governmentalfundsreportcapitaloutlaysasexpenditures;
however,inthestatementofactivities,thecostof
thoseassetsisdepreciatedovertheirestimateduseful
livesandreportedasdepreciationexpense.
Expenditureforcapitalassets $ 2,174,877
Less:netbookvalueofretirementsandtransfers (20,001)
Less:currentyeardepreciation (5,541,689) (3,386,813)
Revenuesthatareearnedbutnotreceivedwithintheavailability
periodarerecognizedinthestatementofactivitieswhen
earnedandsubsequentlyrecognizedinthegovernmental
fundfinancialstatementsastheybecomeavailable.The
differenceisrecordedasareconcilingitem. 480,816
Repaymentofbondprincipalisanexpenditureinthe
governmentalfunds,buttherepaymentreduces
longͲtermliabilitiesinthestatementofnetposition. 1,785,000
Someexpensesreportedinthestatementofactivities
donotrequiretheuseofcurrentfinancialresources
and;therefore,arenotreportedasexpendituresin
governmentalfunds:
Changeinotherpostemploymentbenefits(OPEB)liability $ 232,747
Changeinnetpensionliability 1,073,597
Changeincompensatedabsences (421,899)
Amortizationofdeferredcharges (39,161)
Changeinaccruedinterestpayable 4,421 849,705 Certainchangesrelatedtopensionandotherpostemployment
benefits(OPEB)liabilitiesarenotreportedinthenet
changeinthegovernmentalfunds:
Changeindeferredoutflowsrelatingtopensions $ (82,822)
Changeindeferredinflowsrelatingtopensions (724,105)
Changeinprepaidpensioncontributions (53,406)
Changeindeferredoutflowsrelatingtootherpost
employmentbenefits(OPEB) 100,755
Changeindeferredinflowsrelatingtootherpost
employmentbenefits(OPEB) (540,106) (1,299,684)
Changeinnetpositionofgovernmentalactivities $ 868,912 FortheYearEndedSeptember30,2021
CityofAventura,Florida
ReconciliationoftheStatementofRevenues,Expenditures andChangesinFundBalancesofGovernmentalFunds totheStatementofActivities
Stormwater Utility
Fund Assets:
Currentassets:
Cash,cashequivalentsandinvestments $ 445,283
Duefromothergovernments 227,659
Totalcurrentassets 672,942
Noncurrentassets:
Capitalassetsnotbeingdepreciated 359,794
Capitalassetsbeingdepreciated,net 9,351,205
Totalnoncurrentassets 9,710,999
Totalassets 10,383,941
Liabilities:
Currentliabilities:
Accountspayable 49,081
Totalliabilities 49,081
Netposition:
Netinvestmentincapitalassets 9,710,999
Unrestricted 623,861
Totalnetposition $ 10,334,860
CityofAventura,Florida StatementofNetPosition
ProprietaryFund September30,2021
Theaccompanyingnotestofinancialstatementsareanintegralpartofthesestatements.
21
Stormwater Utility
Fund Operatingrevenues:
Chargesforservices $ 1,376,473
Operatingexpenses:
Costofsalesandservices 628,123
Depreciationexpense 443,201
Totaloperatingexpenses 1,071,324
Operatingincome(loss) 305,149
Nonoperatingrevenues(expenses):
Investmentincome 709
Lossondisposalofpropertyandequipment (83,813)
Totalnonoperatingrevenues(expenses) (83,104)
Changeinnetposition 222,045
Netposition,beginningofyear 10,112,815
Netposition,endofyear $ 10,334,860
CityofAventura,Florida
StatementofRevenues,ExpensesandChangesinNetPosition ProprietaryFund
FortheYearEndedSeptember30,2021
Cashflowsfromoperatingactivities:
Cashreceivedfromcustomers,usersandothers $ 1,533,915
Cashpaidtosuppliers (685,180)
Netcashprovidedby(usedin)operatingactivities 848,735
Cashflowsfromcapitalandrelatedfinancingactivities:
Acquisitionandconstructionofcapitalassets (935,948)
Netcashprovidedby(usedin)capitalandrelated
financingactivities (935,948)
Cashflowsfrominvestingactivities:
Investmentincomereceived 709
Netcashprovidedby(usedin)investingactivities 709
Netincrease(decrease)incash,cashequivalentsandinvestments (86,504) Cash,cashequivalentsandinvestments,beginningofyear 531,787
Cash,cashequivalentsandinvestments,endofyear $ 445,283
Reconciliationofoperatingincome(loss)tonetcashprovided
by(usedin)operatingactivities:
Operatingincome(loss) $ 305,149
Adjustmentstoreconcileoperatingincome(loss)to
netcashprovidedby(usedin)operatingactivities:
Depreciationexpense 443,201
Changesinassetsandliabilities:
(Increase)decreaseinduefromothergovernments 157,442
Increase(decrease)inaccountspayable (57,057)
Totaladjustments 543,586
Netcashprovidedby(usedin)operatingactivities $ 848,735
CityofAventura,Florida StatementofCashFlows
FortheYearEndedSeptember30,2021 ProprietaryFund
Theaccompanyingnotestofinancialstatementsareanintegralpartofthesestatements.
23
Assets:
Investments,atfairvalue:
Equitysecurities $ 44,798,157
Governmentsecurities 5,358,101
Corporatebonds 4,648,278
Hedgefunds 3,423,073
SelfͲdirectedDROPaccounts 2,615,603
Moneymarketfunds 2,531,878
Realestatefund 2,408,568
Alternativemutualfund 1,579,261
Fixedincomemutualfunds 1,400,562
Totalinvestments 68,763,481
Receivables:
Accruedinvestmentincome 70,698
AccountsreceivableͲsaleofinvestments 61,521
Miscellaneousreceivables 9,375
Totalreceivables 141,594
Otherassets 79,029
Totalassets 68,984,104
Liabilities:
Accountspayable 13,374
AccountspayableͲpurchaseofinvestments 88,176
Totalliabilities 101,550
Deferredinflows:
Advancedcontributions 71,437
NetPosition:
Netpositionrestrictedfordefinedbenefits 66,195,514
Netpositionrestrictedfordropbenefits 2,615,603
Totalnetposition $ 68,811,117
CityofAventura,Florida StatementofNetPosition
FiduciaryFundͲPoliceOfficers'RetirementPlan September30,2021
Additions:
Contributions:
City $ 1,881,922
Employees 924,555
Buyback 10,811
Floridachapter185 382,744
Totalcontributions 3,200,032
Investmentincome:
Netappreciation(depreciation)infairvalueofinvestments 10,670,125
Interestanddividendincome 1,131,024
Totalinvestmentincome 11,801,149
Less:investmentexpenses 376,643
Netinvestmentincome 11,424,506
Otherincome 856
Totaladditions 14,625,394
Deductions:
Benefitspaiddirectlytoretirees 905,648
DROPdistributions 215,925
Administrativeexpenses 131,204
Totaldeductions 1,252,777
Changeinnetposition 13,372,617
NetPosition,beginningofyear 55,438,500
NetPosition,endofyear $ 68,811,117
CityofAventura,Florida
StatementofChangesinNetPosition
FiduciaryFundͲPoliceOfficer'sRetirementPlan FortheYearEndedSeptember30,2021